USDA Rural Housing Home Loans in Denver Colorado
USDA Rural Housing Home Loans are one of the most under-utilized programs available in the marketplace. Lenders either don't know about this program, or don't understand it, or both.
The best feature of USDA Rural Housing Home Loans is that they still offer 100% financing, a rarety in today's banking world. Not only that, but this program does not have monthly mortgage insurance premiums added to the 
payment. 30 year fixed rates are low, so that means a very affordable payment.
There are two eligibility factors to consider with USDA Rural Housing Home Loans. The first is if the home qualifies. The general rule is that if the home is located in a rural area or a town of less than 20,000 people, the home should be eligible. To be sure, you can check your area or a specific home at the USDA Property Eligibility website. Obviously, Denver metro and most of the front range do not qualify, but suprisingly, there are many areas near Denver that do.
The second eligibility factor for USDA Rural Housing Home Loans is household income. For the purposes of USDA program eligibility, the lender will consider total household income. This is different from qualifying income which only includes the borrowers who are on the mortgage. For USDA eligibility, all household income is considered, even for inhabitants who are not applying on the mortgage. Check your USDA county limits here.
100% financing with no monthly mortgage insurance? Seems too good to be true you might be thinking. The way this is done on USDA Rural Housing Home Loans is that a 2% loan guarantee fee is charged on every transaction. This 2% fee is typically financed into the new loan, so the home buyer is essentially obtaining a 102% loan. The 2% fee goes into a money pool that backs all USDA Rural Housing Home Loans.
In addition to all of these great features, seller-paid closing costs are also allowed with the USDA Rural Housing Home Loan, which can enable a home buyer to purchase a home with little of their own money, opening the door to home ownership to many more people.
To find out if you qualify for the USDA Rural Housing Home Loan program, you can contact me directly for a free consultation, or visit my no obligation online purchase assistant self-help tool.
We have access to USDA Rural Housing Home Loans nationwide through our Credit Union affiliation!
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RJ Baxter First Mortgage Corp
Branch Manager
303-670-0137 (direct)
27902 Meadow Drive, Suite 120
Evergreen, Colorado 80439
